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Petrol, diesel prices to go up by Rs 2/litre

New Delhi: Oil companies are planning to raise petrol and diesel prices by Rs 2 a litre, a newspaper has reported on Wednesday.

The move is now anticipated as the crude oil price has touched the two-year high of USD 90 a barrel.

Diesel prices have last hiked in June this year when the government had also deregulated the sensitive commodity allowing state run firms which control 90 per cent of the retail fuel market in India, to fix petrol rates themselves. Petrol prices too have been raised four times since then.

While, during the same time the international crude oil prices has risen about 18 per cent.

Oil firm shares have rose sharply after the report. Indian Oil Corp (IOC.BO) was up 2.7 percent, Hindustan Petroleum Corp (HPCL.BO) rose 3.1 percent and Bharat Petroleum Corp (BPCL.BO) gained 2.4 percent.

Earlier this week, Oil Secretary S. Sundareshan had said India could consider raising diesel prices before planned share sales of state-run Indian Oil Corp and ONGC but ruled out full deregulation of diesel prices.

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